Fb’s Diem cryptocurrency failure adopted D.C. regulator pushback

Diem was successfully doomed from the beginning, the individuals conversant in the trouble mentioned. It was introduced in 2019 with nice fanfare underneath the identify Libra. International governments, members of Congress and regulators expressed fears in regards to the mission instantly, saying Fb wasn’t ready to handle considerations about cash laundering, shopper safety and different potential monetary dangers. Two years later, after a rebranding to Diem and an overhaul of the mission’s design in order that it might be pegged to the U.S. greenback to create extra stability, it confronted even larger resistance from regulators, who mentioned the corporate acted arrogantly, in response to one of many individuals.

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